Disney to launch streaming service to take on Netflix

Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will launch its new streaming service called Disney+ in November, at a price of $6.99 a month.

This comes after the entertainment giant sealed the deal on its $71 billion acquisition of 21st Century Fox.

"The linchpin of Disney's streaming strategy, Disney+ will be an ad-free subscription service anchored by programming based on Disney's biggest franchises, including 'Star Wars' and Marvel Studios, as well as original programming," The Wall Street Journal reported on Thursday.

In some markets it would take much longer due to several factors, including the fact that Disney is still in the process of clawing back the rights to its content, sold to other streaming platforms before it had platform aspirations of its own.

"And because the firm has had its chequebook out lately -- spending $70 billion on 20th Century Fox -- Disney+ will also incorporate content from recently acquired companies, such as the first 30 seasons of 'The Simpsons'," the BBC reported.

Notably, with its acquisition of 21st Century Fox, The Walt Disney Company now owns Indian TV giant Star, a Mumbai-based media company with dozens of sports and entertainment channels.